Bitcoin Value: The Broad Perspective

Bitcoin hit a record high of $19,783.21 in December before plunging but still rallied by over 1,300 percent in 2017.

Our actual analyses show that Bitcoin’s value domination of the cryptocurrency market is at its last level ever.

On the 2nd of Jan 2018, Bitcoin’s market cap was $231.8 billion, or around 36.1 percent of the overall value of all cryptocurrencies. This is the lowest share of the market that bitcoin has had in its history.

Bitcoin’s preceding low was 37.6 percent in June. By gap, at the beginning of 2017, its market share was at over 80 percent.

Dominance is the percentage a single virtual currency has of the market capitalization or value of every cryptocurrency in the world. The overall market capitalization of the whole cryptocurrency world was at $640.4 billion.

Bitcoin rallied by more than 1,300 percent in 2017. In December, it hit the highest record of $19,783.21 before a sharp sell-off saw it plunge, closing the year at $13,889.99, according to CoinDesk’s bitcoin price index, which tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit, and Bitfinex.

The fall of bitcoin’s domination, which on Dec. 1, 2017, was at around 55 percent, was because of the retract in price, however, also increasing interest in other cryptocurrencies such as Ripple, Litecoin, and Ethereum.

On Dec. 1, for instance, ripple’s value was at about 3 percent of the entire market capitalization of all cryptocurrencies. On Tuesday, it was over 14 percent. Ripple’s price rose above 36,000 percent in 2017, and it is now the second-largest cryptocurrency by market cap.

We can clearly conclude actually that the drop in bitcoin’s dominance is as a result of the increase of other cryptocurrencies.

Investors seem on hold from bitcoin for now and looking at another cryptocurrency as they offer a higher return on investment possibilities actually.